1. Describe and analyze the "economic way of thinking"
2. Describe the methodology used in economics
3. Graph and interpret data
4. Graph and distinguish between inverse, direct and zero relationships
5. Graph and distinguish between constant and variable relationships
6. Identify the conditions that give rise to the economic problem of scarcity
7. Define Opportunity Cost
8. Identify the Opportunity Costs involved in various courses of action
9. Construct a Production Possibilities curve from sets of hypothetical data
10. Apply the concept of Opportunity Cost to a Production Possibilities Curve
11. Analyze the significance of different locations on, above or below a Production
Possibilities Curve
12. Identify the three economic questions every economic system must answer
13. Compare and contrast the economic philosophies of Adam Smith and Karl Marx
14. Describe and analyze the economic goals of different economic systems
15. Analyze the advantages and disadvantages of different economic systems

1. Describe the behavior of buyers and sellers in a competitive
marketplace
2. List and explain the determinants of Demand
3. List and explain the determinants of Supply
4. Define and distinguish between the Income and Substitution effects
5. Define Diminishing Marginal Utility and explain how the Law of Diminishing Marginal
Utility affects a downward sloping Demand curve
6.Draw a graph of a Supply and Demand schedule from data
7. Define Equilibrium
8. Determine what Equilibrium price and quantity will be when given the Demand and Supply
data for a good
9. Differentiate between a "change in demand" and a "change in quantity
demanded"
10. Differentiate between a "change in supply" and a "change in quantity
supplied"
11. Analyze factors and situations that cause Supply and Demand curves to shift
12. Predict the effects of changes in the prices and quantities of Substitute and
Complementary goods on the equilibrium price and quantity of a good
13. Explain shifts in the Supply and Demand curves based on changes in Supply and Demand
14. Define Price Elasticity of Demand
15. Distinguish between Elastic and Inelastic Demand
16. Explain the factors that tend to make Demand Elastic or Inelastic
17. Determine the Elasticity of a good at different prices based on changes in Total
Revenue
18. Explain the factors that make a good Elastic or Inelastic
19. Define and distinguish between a Normal and an Inferior good
20. Define Price Ceilings and Price Floors
21. Graph Price ceilings and Price Floors
22. Analyze the effects of Price Ceilings and Price Floors on a competitive market
23. Define and describe the concepts of Surplus and Shortage and how they relate to Price
Ceilings and Price Floors
24. Explain how markets allocate resources

1. Distinguish between a fixed cost and a variable cost
2. Define and Graph total fixed cost, total variable cost, average fixed cost, average
variable cost, average total cost and marginal cost
3. Define and plot total revenue, average revenue, marginal revenue and price
4. Define and identify profit, loss, the break-even point and the shutdown point
5. Distinguish between normal profit and economic profit
6. Distinguish between productive and allocative efficiency
7. Distinguish between the short-run and the long-run
8. Distinguish between an implicit and an explicit cost
9. State the Law of Diminishing Returns
10. Explain the Long-run average cost curve
11. Explain the profit-maximizing rule
12. List the characteristics of a Perfectly Competitive, Monopolistically Competitive,
Oligopolistic and Monopolistic market
13. Graph a Perfectly Competitive, Monopolistically Competitive, Oligopolistic and
Monopolistic market
14. Distinguish between a Perfectly Competitive, Monopolistically Competitive,
Oligopolistic and Monopolistic market
15. Define the Concentration ratio
16. Describe the effects of different markets on the price of a product, the quantity of a
product, the allocation of society's resources, the distribution of income and the rate of
technological progress
17. Distinguish between homogenous and differentiated Oligopoly
18. Define collusion and list the advantages and disadvantages of collusion
19. Describe the Prisoner's Dilemma
20. Describe different types of non-price competition
21. Explain the theory of the regulated market place
22. Identify the socially optimal and fair return price for a regulated monopoly
23. Compare perfect competition and imperfect competition

1. Describe the differences between product markets and factor markets
2. Define Derived Demand
3. Define Marginal Physical Product
4. Define Marginal Revenue Product
5. Given the appropriate data, construct a Marginal Revenue Product Schedule for a
resource used for production in a perfectly competitive market
6. Given the appropriate data, construct a Marginal Revenue Product Schedule for a
resource used for production in an imperfectly competitive market
7. Define Marginal Resource Cost
8. List the factors that would change a firm's demand for a resource
9. State the Profit-Maximizing principle used to determine how much of a given resource a
firm will use
10. State the Least-Cost rule for determining which combination of resources a firm will
use
11. Explain the major assumptions of the marginal productivity theory
12. Define a Monopsony and explain how resource prices and output would be determined in
such a market
13. Define economic rent
14. Distinguish between interest, rent, wages and profits

1. Define public goods
2. Describe the characteristics of a public good
3. Develop a rationale for determining which goods should be produced by the private
sector and which goods should be produced by the public sector
4. Develop a criteria for evaluating the effectiveness of government programs
5. Define and give examples of externalities and third-party costs
6. Explain overproduction and underproduction
7. Define and differentiate between the progressive, regressive, proportional,
ability-to-pay and benefits-received theories of taxation
8. Develop a criteria for evaluating the effectiveness and fairness of a tax
9. Define Comparative and Absolute Advantage
10. Describe and give examples of the Law of Comparative Advantage
11. Define Specialization and Exchange
12. Explain how both parties to a trade gain from voluntary exchange
13. Explain Comparative Advantage in terms of Opportunity Cost
14. When given necessary data, compute the costs of producing two
commodities in two countries, determine which nation has the Comparative
Advantage in the production of each commodity, calculate the trading
ratio, and explain the gains to each nation and the world from
Specialization and Trade
15. Describe and evaluate the case for Free Trade
16. Describe and evaluate the case for Protectionism